Waving goodbye to the days of the big bonus

TWO of the country’s leading banks stressed this week they were well-funded and would not need to go to the market to raise money.

The institutions in question were Bank of Ireland and Irish Life & Permanent, two of the biggest players in the Irish mortgage market.

That each was forced to stress the soundness of its finances is another reminder that the banks feel under pressure to respond to suggestions that the downturn in Irish construction and housing will see them struggle, as bad debts and global funding conditions put balance sheets under pressure.